The Chinese have something many other countries, including the US, do not - a government which is intent on seeing the country succeed. What this means is that the interests of individuals and of individual businesses are placed far behind what's good for the country as a whole.
The standard of living is rising in China only because the government is allowing it to do so. They'll decide when it stops rising, too.
The worst part of it all is that there will be a great deal of 'Americans' who run out and buy a Chinese made gun "as long as it's good quality".